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”The Great Gasby” by F. Scott Fitzgerald Essay Sample

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”The Great Gasby” by F. Scott Fitzgerald Essay Sample

• Refer to Figure 1-1 of Personal Finance. List the five steps in the personal financial planning process. Share one or two questions you may ask yourself when you are in Step 1.

• Setting goals is one of the five steps of the financial planning process. Refer to Section 1.2 of Personal Finance which discusses the changing needs over the Life Cycle. Provide some examples of financial goals that may be important for a family. Select one goal that is important to you and briefly discuss how this goal will influence your future financial planning.

• Refer to Section 1.3 of Personal Finance. Which part of the comprehensive financial plan do rent and food fall under? What about life insurance, long-term care insurance, and estate planning; which section of the comprehensive plan do these fall under?

• Page 8 of Personal Finance discusses how education plays a critical role in financial success. List at least two financial benefits of being college educated? How might a college education affect your long-term financial plan?

• Watch the video, Decision to Own a Home vs. Rent, located at the following link:

https://ecampus.phoenix.edu/secure/aapd/materials/videos/FP101.html Tom and Tammy Jones have been renting a house for 5 years. They have been saving money to buy a house for their family and have over half of the down payment set aside.

The house the Jones’ have been living in has been sold and they are trying to figure out what to do. They are considering the following options:

o Move in with Tom’s parents, who live nearby. With the low room and board they will pay, they should be able to buy a house within a year. o Rent a house. Rental prices have gone up, so if they do this, they will not be able to add to their down payment account. o Move to a less expensive town, which will add 45 minutes each way to Tom’s commute. They will be able to add to their down payment account and should be able to buy a house within 3 years.

What should the Jones family do? Discuss your reasons for making the choice you did.

Week Two Discussion Questions

• Refer to p. 87–93 of Personal Finance. Identify two cash management products and provide a short description of each. Do you have any experience with these products?

• Review Section 4.4.1 of Personal Finance. What are some questions you should consider when opening a checking account?

• What are some ways to save and store your personal financial information?

• Review Mary’s balance sheet. Do you think Mary is saving enough money for emergencies, college, or retirement? What Rule of Effective Cash Management should Mary use to improve this situation?

• Review the Home Budget Calculator located at the following link:

http://wps.pearsoncustom.com/wps/media/objects/7557/7738468/fin-calcs/HomeBudget.html. Input the requested information from your paycheck and on the expenses page. Did you find this calculating tool useful? Explain why or why not.

Week Three Discussion Questions

• Review p. 113 of Personal Finance and list the five C’s of credit. Provide a brief description of each.

• Edwina has been living with her parents since she graduated from college about 2 years ago. Because her parents only charge her a small amount for her room and board, she has managed to tuck away $5,000 in a savings account. Her car has died and her uncle has offered to sell his car for $4,500.

o Edwina has never had a credit card or taken out a loan. Some of her friends are advising her to take out a loan. Edwina’s parents are against her borrowing money; they want her to use her savings to pay for the car.

o What do you think Edwina should do? Should she get the loan or pay with her savings? Explain why you think your choice is the better one of the two.

• Review Section 5.2 of Personal Finance. If you want to buy something, what are the three main ways to pay for the item? If you decide to use consumer credit to make your purchase, what are the two main types of credit available?

• Discuss one advantage and one disadvantage of consumer credit.

• After reviewing The Five C’s located in your course materials, answer the following questions:

o Which of the five C’s does employment and education history fall under? o What is collateral? Why is collateral required for some people and for some types of loans?

Week Four Discussion Questions

• Go to http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx.

o Type in $5,000 for “What is your credit card balance?” o Type in $150 for “What fixed payment could you make each month?” o Do you think it is better to pay only the minimum payment or pay the higher monthly amount? Explain why.

• Review How to Establish, Use, and Protect Your Credit located under your Week Four Electronic Reserve Readings.

o What is one way to establish your credit and one way to protect your credit? What are some things you can do to improve poor credit?

• What are some advantages and disadvantages of using credit cards? Have you ever had a credit card? If so, please share some of your experiences with them.

• Visit the Federal Trade Commission at http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre03.shtm. Using Section 2 of this page, which explains what you can do to legally improve your credit report, discuss what steps you can take if you find incorrect information on your credit report.

• Log onto Annual Credit Report www.annualcreditreport.com. What are the names of the three credit reporting agencies? Using information from the Frequently Asked Questions section, briefly explain what a credit score is. Week Five Discussion Questions

• Go to http://www.annualcreditreport.com to get a free credit report from Experian.

Note. Do not choose any of the options that require payment.

Review all of the brown tabs at the top of the page. After retrieving your report and reviewing these items, answer the following question:

Discuss what you learned about credit in general, and what type of information is in your credit report. Be careful not to divulge confidential information about your credit; keep the discussion to the general type of information found on a credit report.

• Refer to Section 6.4 of Personal Finance. Discuss some positive steps you can take to manage debt.

• Choose one of the signs of credit trouble listed on p. 145 of Personal Finance. Explain how someone can try to improve this situation.

• Review the Student Loans video, located at the following link: https://ecampus.phoenix.edu/secure/aapd/materials/videos/FP101.html .

o What are some benefits of using student loans?
o When do you have to begin paying back these loans?
o What does it mean if your loans go into default?

• Log onto the Federal Trade Commission website: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre03.shtm. Under Section 3, which offers tips on dealing with debt, review Avoiding Scams.

Answer the following question:

o If a person is trying to get out of debt and looking for help, what are some of the actions or organizations to avoid?

Week Six Discussion Questions

• Refer to Figure 7-1 of Personal Finance. Why is it important to go through these steps when you are planning on making a large purchase?

• Refer back to Section 6.1.1 of Personal Finance. Discuss one of the risks of a variable rate loan.

• Review Decision to Own a Home vs. Rent. Discuss the advantages and disadvantages of renting a home vs. buying.

• Refer to Section 7.4, 7.5, and 7.6 of Personal Finance. List three steps in buying a home. What are some important points to consider in your purchase?

• Review Purchase vs. Lease Decision. Imagine you need a new car. Input the amount you can spend in the Buy vs. Lease Calculator. Review the results and discuss the advantages and disadvantages of buying vs. leasing a vehicle.

Week Seven Discussion Questions

• What does it mean to have insurance? Choose two types of insurance (auto, home, health, disability, or life insurance) and identify one characteristic of each.

• Angie is considering the options for deductibles on her auto insurance. She can save $150 a year by switching from a $500 to a $1,000 deductible. What is a deductible? What does this mean if Angie has a car accident?

• If you own your car or house and are no longer making payments, should you still have insurance on them? Explain why or why not.

• Geraldo works full-time to take care of his family. His wife, Marina, stays home to take care of their two young children. What kind of insurance
coverage should Geraldo and Marina have for their family? Explain why.

• Review the Reasons for Having a Will video, located at the following link:

https://ecampus.phoenix.edu/secure/aapd/materials/videos/FP101.html .

o Acela’s aging parents own a house and a car. Acela is currently living in the house with her parents. Her brother and sister are married and live elsewhere. Why is it important for Acela’s parents to have wills? What are some possible consequences of not having wills?

Week Eight Discussion Questions

• Refer to Section 3.2 of Personal Finance. What is taxable income and how do you know how much taxes are owed?

• There are a number of ways to fill out tax return. If you prepare your own tax returns, you can use a software package to fill out the proper forms. Review Personal Income Taxes located at the following link:

https://ecampus.phoenix.edu/secure/aapd/materials/videos/FP101.html

o List one benefit and one disadvantage of filing your taxes electronically.

• Some individuals prefer to have their employers withhold more money than they will owe so they can get big refund checks in April or May. Others prefer to minimize withholdings, so they can either spend the money throughout the year, or put it into a retirement or other savings account. Which strategy do you think is better? Explain why.

• Review Section 3.3 of Personal Finance. Do you think it is better to prepare your taxes yourself or to have them prepared by a professional? Explain why.

• Review Focus on Ethics: Reducing Your Taxes located at the following link:

https://ecampus.phoenix.edu/secure/aapd/materials/videos/FP101.html . Why is

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